By Dave Sims, Commodity News Service Canada
WINNIPEG, April 13 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT on Thursday, as gains in the US soy complex provided the path of least resistance.
“Chart-wise we’re looking friendly here,” said a trader in Winnipeg. “We believe the funds are rolling their positions from short May to short July.”
Positioning ahead of the long weekend was also a feature.
Ideas that canola stocks are getting tight helped prop up prices.
However, rainy weather in Alberta is preventing farmers there from harvesting canola left over from last year, which was bearish.
Large soybean supplies from South America undermined prices.
About 20,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
